IPO calendar: a quiet week with no motherboard activity, 3 SME issues to keep an eye on

The Indian IPO market has started 2026 quietly, with no public motherboard releases opening for subscriptions in the first week of January. Instead, investor activity will be limited to three IPOs of small and medium-sized enterprises (SMEs), reflecting the cautious mood typical of the first part of the calendar year.January often starts slowly as investors return from the year-end holidays and assess the broader market direction before investing new capital. While the pipeline for major IPOs remains healthy later in the quarter, companies appear to be in no rush to test sentiment during the early days of the year.

That said, the SME segment remains active, with three companies opening issues between January 6 and 9, covering infrastructure materials, electric mobility and sustainable textiles. Only one listing is scheduled for Modern Diagnostic next week.Gabion Technologies India IPO

Gabion Technologies India will be the first IPO to open in the new year, with the issue opening on January 6 and closing on January 8. The company plans to raise around Rs 29 crore entirely through a fresh issue and will list on the BSE SME platform.

Gabion Technologies operates in a niche but essential segment of infrastructure development, supplying steel gabions, stone chip protection systems and geosynthetic products used in roads, railways, irrigation, mining and defense projects. The company has completed projects across multiple sectors, including highways and railways, and works closely with government agencies and contractors.

Proceeds from the IPO will largely be used to meet working capital needs, reflecting the execution-intensive nature of the business. While revenue growth is relatively stable, margins remain sensitive to raw material costs and project timelines, making execution a key factor in tracking the stock market.Victory Electric Vehicles International IPO

Victory Electric Vehicles opens its issue a day later, on January 7, and registrations close on January 9. The company is raising around Rs 35 crore through an SME IPO at a fixed price and will be listed on the NSE SME platform.

The company focuses on electric two-wheelers and three-wheelers, with a strong presence in e-rickshaws and electric cargo vehicles. Victory Electric Vehicles operates in multiple states through a dealer-led distribution model, catering to both commercial and last-mile mobility demands.

Proceeds from the IPO are expected to be used for capital expenditures and working capital to support expansion and product development. While the electric mobility space remains crowded, demand for low-cost commercial electric vehicles continues to grow, especially in smaller cities and logistics-driven use cases. However, investors are expected to keep a close eye on competitive pressure and pricing discipline in the sector.

Yajur Fibers IPO

The biggest IPO of the week will come from Yajur Fibers, which will open on January 7 and close on January 9, aiming to raise around Rs 120 crore. The topic will be listed on the BSE SME platform.

Yajur Fibers is an established name in the processing of bast fibers such as flax, jute and hemp. The company specializes in cotton from natural fibers, making them suitable for mixing with cotton and synthetic yarns. The products are supplied to spinning and weaving mills in India and abroad.

A significant portion of the proceeds from the IPO will be used to expand capacity, set up new processing facilities and finance working capital. The company is also planning investments through its subsidiary to expand into linen yarn production. Although sustainability-oriented textile products are gaining popularity worldwide, the sector remains capital intensive and returns will depend on utilization rates and export demand.

Bharat Coking Coal IPO

The initial public offering (IPO) of Bharat Coking Coal Limited (BCCL) will open for bids on Friday, January 8 and close on January 13. The Rs 1,300 crore issue will be entirely an offer for sale (OFS) with promoter Coal India (CIL) selling up to 46.57 crore shares.

The bidding for anchor investors opens on Thursday, January 8. The company will announce the issue price range on Monday, January 5.

Founded in 1972, BCCL is India’s largest coking coal producer and one of the country’s largest holders of coking coal reserves, with approximately 7,910 million tonnes of estimated reserves as of April 1, 2024. The company is a wholly owned subsidiary of CIL and was granted ‘Mini Ratna’ status in 2014.

BCCL reported a net profit of Rs 1,240 crore for the financial year ended March 31, 2025, compared to Rs 1,564 crore in FY24 and Rs 665 crore in FY23. For H1FY26, profit after tax (PAT) was reported at Rs 124 crore, compared to Rs 749 crore in the same period last year.

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